Leeds Group warns on profits as tough conditions persist

25th Mar 2019 09:21

(Sharecast News) - Textile processing outfit Leeds Group has seen the challenging trading conditions witnessed in the first half of its financial year carry on into the second.Leeds warned investors at the time of its interim report card back in late January that the trading performance across its operating subsidiaries had been "challenging with increased competition in a reduced market".However, despite the weak start to the year, management believed at the time that its underlying pre-tax profits for the full year would be "at a higher level than last year".But the AIM-listed firm said on Monday that the trading performance of those same operating subsidiaries had also below management's expectations in the second half as market conditions had "not improved", something it expects to continue for the rest of the financial year."The group profit before tax for the full year is therefore expected to be below the board's expectations for the current financial year," said Leeds Group in its trading statement.As of 0920 GMT, Leeds Group shares had slumped 6.38% to 22p.